Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: list of goods taxed at 4% :: TDS :: empanelment :: VAT RATES
 
 
News Headlines »
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return
 Why cement companies are going in for M&As
 Govt moves to rework direct tax law after PM’s nudge
 New offer available for filing tax returns online, how to avail

Clarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under section 74 of the said Act.New
June, 19th 2015
7

                                                       Ge.lsralltrqu]gl I',le-Ef2-Q-ls
                                  No. 1/8/2O 13-CL V
                                  Government of India
                              Ministry of Corporate Affairs

                                                  sth Floor, A wing, Shastri Bhavan,
                                                             Dr R.P. Road, New Delhi

                                                              Dated: l&1June,    20 15

    To

    All Regional Directors,
    A11 Registrars of companies,
    All Stakeholders.

    Subject: Clarification on repayment ofdeposits accepted by the companies before
             the commencement of the Companies Act, 2013 under section 74 of the
             said Act


    Sir,


          This Ministry has received representations seeking clarification regarding
    processing of the deposits related complaints recived from investors under
    section 74 of the Companies Act, 2013 (the said Act) in respect of defaults made
    by companies in repayment of deposits accepted by them before th
    commencement of the said Act i.e. before lst April, 2014 and filing of
    prosecutions against defaulting companies by the Registrars of
    Companies/Regional Directors.
2. The matter has been examined in the Ministry and it is clarified that vide Removal of Difficulties (Scond) Order [S.O. 1428(E)l dated 2"d June, 2014 ar'd Removal of Difficulties (Fourth) Order lS.O. 146O(E)l dated 6d June, 20 14, the Company Law Board has been empowered to exercise the powers of National Company taw Tribunal under sub-section (4) of section 73 and sub- section (2) of section 74 of tL'e said Act, till the latter's constitution. Thus, a depositor is free to lile an application under section 73(4) of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. Further the company may also file application under section 74(21 of the said Act with the Company Law Board seeking extension of time in making the repayment of deposits accepted by it before the commencement of the provisions of the said Act . 3. Further, attention is also drawn to Explanation appearing below Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014 which clarifies the conditions subject to which a company would be deemed to have complied with the requirements laid down in Section 7a(1)(b) of the Companies Act, 2013 Companies can repay deposits accepted prior to 1"t April, 2O14 in accordance withierms arld co;ditions for which the deposits had been accepted. 4. It is also clarified that there is no bar on the Registrar of Companies for filing of prosecution against a company if such company fails to make repayment ofdeposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013, subject to the contents of para 3 above- This issues with the approval of the competent authority Yours faithfully j.Ao^,Iu - (KMS Nara ananl Assistant Director (Policy) Copy to:- 1. e-Governance Section and web contents Officer to place this circular on the Ministry website 2. cuard File
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions